Briefcase

Briefcase

February 20, 2002

BANKRUPTCIES REACH RECORD HIGH

Bankruptcy filings by American consumers and businesses jumped 19 percent in 2001, hitting a record high of 1,492,129 in a year in which the economy slid into recession, according to data released Tuesday. The filings last year compared with 1,253,444 new bankruptcies filed in 2000 and the previous record of 1,442,549 cases filed in 1998, according to the Administrative Office of the U.S. Courts. In Central Florida, bankruptcies rose to a record 12,904 in 2001, 26 percent higher than the previous year.

SHORT-TERM T-BILL RATES RISE

Interest rates on short-term Treasury securities rose in Tuesday's auction. The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.730 percent, up from 1.715 percent last week. An additional $14 billion was sold in six-month bills at a rate of 1.830 percent, up from 1.810 percent.

PALM BEACH COMPANY GETS BASE

Palm Beach-based Galaxy Aviation recently acquired the former ASIG fixed base operation at Orlando International Airport. The base -- which provides fueling and services for general aviation -- has been renamed Galaxy of Orlando. The company would not disclose the purchase price.

POLK GOLF, TENNIS RESORT CLOSES

Grenelefe Golf and Tennis Resort in Polk County has closed, following its parent company into bankruptcy. The 750-room resort is owned by Sports Shinko Group, a Japanese company that operates more than 30 golf courses worldwide. Sports Shinko filed for bankruptcy protection under Japan's corporate rehabilitation law on Feb. 4. Its U.S. subsidiary, Sports Shinko Florida, filed for Chapter 7 liquidation Monday in U.S. Bankruptcy Court in Tampa. Grenelefe also owns 460 of the 800 or more condominiums on the property, which also contains several hundred single-family homes and town homes.